President Trump signs the GENIUS Act, the first U.S. law on cryptocurrency, regulating stablecoins.
The law imposes full reserves, audits, and dual oversight from the federal government and states.
Some Republicans warn that it could enable a U.S. central bank digital currency (CBDC) in the future.
President Donald Trump signed the GENIUS Act into law, just one day after it passed the House with a vote of 306–122.
The bill represents the first federal law in the U.S. for digital currencies, setting strict rules for stablecoin issuers—including full 1:1 reserves, regular audits, and registration with federal or state regulatory agencies.
Trump signed the bill during a closed session on Friday morning. While celebrating the victory, he joked to reporters, "It's called the GENIUS Act. I think it's named after me."
President Trump signs the GENIUS Act for stablecoins into law
Digital currency czar David Sachs, who played a central role in the recent negotiations, said the bill was "dead" earlier this week—until "we had a secret weapon, a deal breaker as a commander-in-chief," referring to Trump's intervention.
Despite bipartisan support for the bill, some hardline Republicans still oppose it.
Representative Marjorie Taylor Greene posted on X (formerly Twitter), warning:
"Congress passes today the bill (the GENIUS Act) that opens the back door to a central bank digital currency (CBDC)… The Federal Reserve has been working on this for years… The end goal is to move us to a cashless society."
I criticized House Republicans for passing GENIUS without securing Senate support for an official ban on CBDC. The separate bill—the CBDC Anti-Act—has not yet passed in the Senate.
Supporters of GENIUS argue that the bill explicitly prohibits algorithmic stablecoins and requires full dollar reserves, providing a safe framework for regulated digital dollars—not those controlled by the government.
With Trump's signature, the GENIUS Act becomes law immediately. U.S. regulators have until 2026 to set and implement rules for the licensing of stablecoins.
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